Plastic Recycling Market
REPORT DESCRIPTION
Plastic Recycling Market ( Source - Rigid Packaging and Non-rigid Packaging ; Material - PET , PP , HDPE , LDPE , PS , PVC , ABS , Nylon , and Polycarbonate ; Application - Packaging , Food Contact , Nonfood Contact , Automotive , Construction , Textile , Industrial , and Consumer Goods ) - Global Industry Analysis , Size , Share , Growth , Trends , and Forecast 2016 - 2024
The consumers in the global plastic recycling market lack brand loyalty due to the presence of a large number of players . This aspect has also stiffened the competition in the overall market , states Transparency Market Research . The leading player in the market is Plasgran Ltd ., which offers a comprehensive collection of facility that enables smooth sorting and baling and separation and compounding operations . The other players in the market are expected to focus on expanding their businesses to emerging economies for capturing a wider geographical reach . According to the research report , the global plastic recycling market has been valued at US $ 56.8 bn by 2024 as compared to US $ 31.5 bn in 2015 . Between the forecast years of 2016 and 2024 , the global market is expected to progress at a CAGR of 6.9 %.
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Asia Pacific to Remain Dominant as Consumption of Plastic Rises
On the basis of material , the global plastic recycling market has been segmented into PET , HDPE , PP , LDPE , PVC , PS , and others such as nylon , polycarbonate , and ABS . Of these , HDPE is expected to remain a dominant material segment during the forecast period . In terms of revenue , this segment is projected to expand at a CAGR of 7.4 % between 2016 and 2024 . The demand for HDPE is expected to remain high as it is extensively used in residential and packaging applications .
Geographically , the global plastic recycling market is segmented into North America , Europe , the Middle East and Africa , and Latin America . Regionally , Asia Pacific is anticipated to remain dominant in the global market as it is slated to acquire a share of 71.3 % by the end of 2024 . The increasing plastic consumption along with increasing pressure of eco-friendly disposal of plastic waste is expected to keep the regional market ahead of the pack .
Transparency Market Research
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